Keybank National Association OH Decreases Stock Position in Tapestry, Inc. $TPR

Key Points

• Keybank National Association OH reduced its Tapestry stake by 20.2% in the first quarter, selling 8,211 shares and leaving it with 32,510 shares valued at about $4.59 million.
• Tapestry reported strong fiscal Q1 results, with earnings of $1.66 per share and revenue of $1.92 billion, both above analyst expectations; revenue also rose 21.2% year over year.
• Despite some insider selling and mixed fund activity, Wall Street remains constructive on the stock, with a consensus Moderate Buy rating and an average price target of $167.65.

Keybank National Association OH cut its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 20.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,510 shares of the luxury accessories retailer's stock after selling 8,211 shares during the period. Keybank National Association OH's holdings in Tapestry were worth $4,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Tapestry by 3.8% during the 4th quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer's stock worth $1,223,795,000 after purchasing an additional 348,334 shares during the last quarter. Schroder Investment Management Group raised its position in shares of Tapestry by 92.8% in the fourth quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer's stock valued at $1,194,678,000 after buying an additional 4,500,850 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Tapestry by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer's stock worth $753,482,000 after buying an additional 203,764 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Tapestry by 21.4% in the third quarter. AQR Capital Management LLC now owns 4,307,615 shares of the luxury accessories retailer's stock worth $487,708,000 after buying an additional 760,646 shares in the last quarter. Finally, Morgan Stanley boosted its position in Tapestry by 8.9% during the fourth quarter. Morgan Stanley now owns 3,327,212 shares of the luxury accessories retailer's stock worth $425,118,000 after acquiring an additional 270,973 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Down 0.0%

Shares of NYSE TPR opened at $144.19 on Friday. The company has a 50 day simple moving average of $141.69 and a 200-day simple moving average of $141.05. The company has a market capitalization of $29.13 billion, a P/E ratio of 46.22, a P/E/G ratio of 1.34 and a beta of 1.43. The company has a debt-to-equity ratio of 3.48, a current ratio of 1.84 and a quick ratio of 1.27. Tapestry, Inc. has a 1 year low of $86.68 and a 1 year high of $161.97.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.36. The firm had revenue of $1.92 billion for the quarter, compared to analysts' expectations of $1.79 billion. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The firm's quarterly revenue was up 21.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.03 earnings per share. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. On average, equities research analysts predict that Tapestry, Inc. will post 6.95 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, June 5th. Tapestry's dividend payout ratio is 51.28%.

Insiders Place Their Bets

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,776 shares of the company's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total value of $3,691,152.64. Following the transaction, the chief executive officer owned 652,434 shares of the company's stock, valued at $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the transaction, the chief executive officer directly owned 123,258 shares of the company's stock, valued at approximately $17,258,585.16. This trade represents a 13.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.32% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TPR shares. Argus set a $165.00 price objective on shares of Tapestry in a research note on Thursday, March 12th. Weiss Ratings cut Tapestry from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 20th. Citigroup upped their price target on Tapestry from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. BTIG Research reaffirmed a "buy" rating and issued a $180.00 price target on shares of Tapestry in a report on Wednesday, June 10th. Finally, Wall Street Zen raised Tapestry from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Tapestry presently has an average rating of "Moderate Buy" and an average target price of $167.65.

Tapestry Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry's operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.

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